白银涨势暂歇！重要关口生死争夺战打响

Group 1 - The core focus of the market is on the Federal Reserve's interest rate decision in December, with a high probability of a 25 basis point rate cut expected on December 10, following disappointing ADP data [2] - The next Federal Reserve Chair is likely to be White House economic advisor Hassett, who is expected to continue aggressive rate cuts in line with President Trump's preferences, which is seen as a positive for silver [2] - The industrial demand for silver is rapidly increasing, with global silver production expected to decline to 820 million ounces (approximately 2580 tons) by 2025, a 12% decrease from the peak in 2020 [2][3] Group 2 - By 2025, the photovoltaic industry is projected to become the largest consumer of silver, with demand reaching 7560 tons, doubling from 2022 and accounting for 55% of total global silver demand [3] - Global silver visible inventories are expected to cover only 1.2 months of consumption by 2025, significantly below the safety margin of 3-6 months, indicating a tight supply situation [3] - The London silver inventory has fallen below 4000 tons, with deliverable amounts insufficient to meet global demand, while China's silver inventory has dropped to a seven-year low of 715 tons [3] Group 3 - From a technical perspective, silver remains in a medium to long-term bullish trend, with a mid-term top at $54.4 and a bottom at $45.5, while the market is searching for the next mid-term top [4] - The recent high of $58.9 may become a mid-term top, but uncertainty remains as the market awaits the Federal Reserve's interest rate decision [4] - Despite the current downward trend, there is still potential for silver prices to rise, depending on the outcome of the upcoming rate decision [4]